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(Daily Herald)   What is a casino to do as they struggle to maintain their high cash flow in a strapped economy? If they are like Illinois, they make the odds favor them even more   (dailyherald.com) divider line 75
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11194 clicks; posted to Main » on 20 Jul 2008 at 1:09 PM (6 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2008-07-20 11:35:57 AM  
FTFA: Casino operators say they are simply rolling out tighter slot machines to meet gamblers' demand for these newer, more exciting games.

I don't know how these people say things with a straight face. Same goes for Illinois politicians.
 
2008-07-20 12:04:45 PM  
I've always suspected this and now this is proof: Illinois isn't a myth!
 
2008-07-20 01:13:55 PM  
So? That is how all casinos make money. I don't see the issue. Besides, if Bush didn't ruin our economy and cause the price of oil to go up, the casino industry wouldn't be suffering like Hillary's bank account.
 
2008-07-20 01:14:16 PM  
Well if you're playing slots you're already playing against a machine that's programmed to make you lose money.
 
2008-07-20 01:16:02 PM  
heh heh heh He said tighter slots heh heh heh

blogs.psychologytoday.com

We're there dude.
 
2008-07-20 01:16:58 PM  
Oh yeah like the casino will save all of America's revenue problems.

Just like Barack Obama.
 
2008-07-20 01:18:18 PM  
upload.wikimedia.org

Huh. When these guys "adjust the odds" it's considered a crime.
 
2008-07-20 01:19:16 PM  
Go to Vegas or don't farking bother. There is simply much more to do there than get ripped off by slots and if you're whining about not being able to afford the trip, you probably can't afford to gamble anyway. Spend the money on your grand kids, they'll appreciate it more.
 
2008-07-20 01:19:54 PM  
Damn. More than 10% casino advantage? Why not just throw your money into a garbage disposer? I found the good video poker machines when I was in aruba, with perfect play they were around 1.5-2% casino advantage. I never lost money in any session of play, but than again, I know how to play right. I doubt a large majority of people do.
 
2008-07-20 01:23:16 PM  
That's why, if you're gonna go to the casino, at least play the game that gives you some of the best odds: craps. The game looks fast, and you will make some mistakes in the beginning. But once you get some basics down, and understand what odds are what, you can make money pretty well. At least, better than you could at the slot machines.
 
2008-07-20 01:23:18 PM  
Anti_Freak_Machine: I've always suspected this and now this is proof: Illinois isn't a myth!

Believe me, you wish it was. farking flatlanders.
 
2008-07-20 01:24:36 PM  
Worse odds just means they won't play as long until they lose all their money
 
2008-07-20 01:25:08 PM  
GBmanNC: I found the good video poker machines when I was in aruba, with perfect play they were around 1.5-2% casino advantage.

1.5-2%? Really? If you find the right machine, it is closer to .5% (and sometimes with perfect play in the players' favor depending on the progressive jackpot).

hdhale: Spend the money on your grand kids, they'll appreciate it more.

Who gives a shiat about appreciation? People should do what is fun.
 
2008-07-20 01:25:49 PM  
skinink: That's why, if you're gonna go to the casino, at least play the game that gives you some of the best odds: craps. The game looks fast, and you will make some mistakes in the beginning. But once you get some basics down, and understand what odds are what, you can make lose money pretty well slower. At least, better than you could at the slot machines.

FTFY
 
2008-07-20 01:29:03 PM  
That's why states don't let anyone else have a lottery - they keep the best (most profitable) games for themselves.

Between BJ (basic strategy only), craps (pass/don't pass with odds) and Video poker, I can play a lot of hours with minimal loss. In smaller casinos, the comps make up the difference. Oh, and occasional low limit poker.

Knowledge is power.
 
2008-07-20 01:32:31 PM  
I've never understood the appeal of slot machines. I guess they are for escape-seeking gamblers. I am a more "competitive" gambler type, so I enjoy table games. Though these days it's nothing but poker.
 
2008-07-20 01:32:32 PM  
...as declining foot traffic threatens profits.

How's that smoking ban working out?
 
2008-07-20 01:36:12 PM  
The slots still pay back a lot more than any state lottery.
 
2008-07-20 01:36:21 PM  
Dinty Moore's Law: ...as declining foot traffic threatens profits.

How's that smoking ban working out?


Less smelly.
 
2008-07-20 01:37:23 PM  
hdhale: Go to Vegas or don't farking bother. There is simply much more to do there than get ripped off by slots and if you're whining about not being able to afford the trip, you probably can't afford to gamble anyway. Spend the money on your grand kids, they'll appreciate it more.

As long as granny is blowing her money, I'd like at least some of it to stay in my state instead of going to Nevada. Besides, we now have to pay for seniors free rides on public transit somehow. Thanks Rod.
 
2008-07-20 01:38:57 PM  
FTA: But they often spend more than $1 and sometimes as much as $5 on a spin every six seconds as they hope to strike it rich.

$50/minute? $3000/hr?

Who are these people?
 
2008-07-20 01:46:25 PM  
Hmm, was it just me or did the term "tight slots" show up an awful lot in TFA?



/don't gamble on anything but yourself
//especially if you have a tight slot
 
2008-07-20 01:46:37 PM  
Reminds me of the Democrat fix for gas also

"Gas prices are high =Less gas being sold = Less taxes taken in"

fix: "Raise the taxes on gas"
 
2008-07-20 01:46:43 PM  
3rdLostPassword: FTA: But they often spend more than $1 and sometimes as much as $5 on a spin every six seconds as they hope to strike it rich.

$50/minute? $3000/hr?

Who are these people?


I don't know either - asked myself the same question when I saw a guy drop $5k in cash on the craps table and then an hour later dropped another $5k on the table - didn't seem too upset with it all going away, and this was in Mississippi - something nasty about the sound of 7 out when there's $20-30K on the table.
 
2008-07-20 01:47:47 PM  
DrewCurtisJr: we now have to pay for seniors free rides on public transit somehow. Thanks Rod.

just be glad you live in Chicago and not Springfield, we get a full blast of his stupidity on a daily basis.
 
2008-07-20 01:50:14 PM  
impaler: Worse odds just means they won't play as long until they lose all their money

Wrong.
 
2008-07-20 01:51:13 PM  
PCNewGuy

That's why states don't let anyone else have a lottery - they keep the best (most profitable) games for themselves.

Except, ironically, unlike in any casino, the expected return on the lottery can be positive when the jackpot rolls over.

/of course to be assured of getting that positive return you'd probably have to play the lottery a few billion times, but still
 
2008-07-20 01:56:05 PM  
aerojockey: PCNewGuy

That's why states don't let anyone else have a lottery - they keep the best (most profitable) games for themselves.

Except, ironically, unlike in any casino, the expected return on the lottery can be positive when the jackpot rolls over.

/of course to be assured of getting that positive return you'd probably have to play the lottery a few billion times, but still


But the state's already got their cut - 50%. But remember, it's all for the children.
 
2008-07-20 02:01:23 PM  
There are only two guaranteed (legal) ways to make money at a casino:

1. Work there
2. Own it
 
2008-07-20 02:03:26 PM  
Oh, and raising the house advantage to 10% is likely to backfire on the casino. Raising the odds a percentage point or so may not affect attendance much, but raising it to 10% will drive the people away in a hurry.

I'm guessing that the new machines also are designed to win a higher percentage of the time (so you seem like you're winning more), but even with that I can't see people sticking with them.
 
2008-07-20 02:08:31 PM  
aerojockey: drive the people away in a hurry

Apparently, that's not a problem:

FTA: Illinois' nine casinos have managed to make 20 percent more cash from gamblers despite a 13 percent drop in visits between 2000 and 2007.
 
2008-07-20 02:09:31 PM  
PCNewGuy

But the state's already got their cut - 50%. But remember, it's all for the children.

I'm not saying it's a good investment; I'm saying that if the jackpot rolls over a few times, at some point the return exceeds the odds, even after the state's cut.

Roughly speaking, when the jackpot hits the $100 million or so the expected return is positive. The odds might be 1:20 million, but the return 100 million for a one-dollar play, which is maybe 40 million if you take a lump sum. (There's a little margin in there in case of a split jackpot.)

But the odds of winning are still 1 in 20 million.
 
2008-07-20 02:15:25 PM  
This is for lady slot machine gamblers.

What you think you look like:
bp0.blogger.com

What you really look like:
imgs.sfgate.com
 
2008-07-20 02:22:42 PM  
3rdLostPassword

aerojockey: drive the people away in a hurry

Apparently, that's not a problem:

FTA: Illinois' nine casinos have managed to make 20 percent more cash from gamblers despite a 13 percent drop in visits between 2000 and 2007.


This is why I am not a market analyst.

My question is, why the hell didn't they raise it before? I admit that my "analysis" was partially based on the fact that 2-3% advantage was typical for slots, so if 10% was more profitable someone would have done it already.

However, upon further thought, I think there's a very obvious explanation. Most of these newfangled casinos are following the example of the experienced guys in Vegas, who've been turning profits for decades, but there are different circumstances. The house advantage in Vegas is lower than optimal because in Vegas they're also trying to sell over-priced hotel rooms and food. For them it's good to keep the profit margins relatively low. OTOH, a casino in Illinois serves mostly locals, not tourists. They don't make much money on the side like the Vegas casinos do, so it pays for them to raise their advantage even if there's a drop in visitors. It's just that the new casinos haven't really explored their own market very well yet.
 
2008-07-20 02:27:00 PM  
Kevua: Reminds me of the Democrat fix for gas also

"Gas prices are high =Less gas being sold = Less taxes taken in"

fix: "Raise the taxes on gas"


ah yes, the "blame the Democrats" guy has arrived.
 
2008-07-20 02:27:31 PM  
PCNewGuy: 3rdLostPassword: FTA: But they often spend more than $1 and sometimes as much as $5 on a spin every six seconds as they hope to strike it rich.

$50/minute? $3000/hr?

Who are these people?

I don't know either - asked myself the same question when I saw a guy drop $5k in cash on the craps table and then an hour later dropped another $5k on the table - didn't seem too upset with it all going away, and this was in Mississippi - something nasty about the sound of 7 out when there's $20-30K on the table.


Was in Vegas last week. Had some to drink so needed to skip the poker table. Played craps. Gangster thug at the table. 300 ibs. sitting his fat as in a chair taking up about a 1/4 of his side of the table. Do rag, etc. His GF was all over him. He's got about 40k in front of him and is betting about 8k a hand. No tokes for the dealers.

My roll. 7, point, number, number, 7. Typical. He starts cusing me out under his breath. OK his turn. My come out bet, any craps for $1. He makes a point. My bet $1 seven. Three rolls later I pocket my $6 and he's down 8K.

I hang in Vegas a lot. Poker. But I've seen the number of penny slots explode. Lots of real old people playing them. My take is that these folks are bored silly and the casino is providing them with something interesting to do. Can't expect the house to do that for free. they seem to be having a good time and most seem to know the cocktail waitress and change girl real well. Kinda like a club.
 
2008-07-20 02:43:26 PM  
I used to go to the local casino fairly often last year (now gas is too high to make the drive). I'm a solid poker player, so I almost always make money at the low stakes. In order to get to the poker lounge, though, you have to go through rows and rows of slot machines. It's one of the most depressing scenes I've ever seen.

I mean, there are people at the poker table who have a "slot machine mentality," in that they play every hand and hope one hits. But they're at least playing a game with other people, chatting and having a good time. The people at the slots, however, are all by themselves, just pushing the button over and over, like rats with cocaine. One time I walked by as a woman hit a nice payout, and she was visibly bored with the amount of time it was taking for the machine to count up her prize. All she wanted to do was hit the button again. It's just sick.
 
2008-07-20 02:45:26 PM  
FTA: Illinois' nine casinos have managed to make 20 percent more cash from gamblers despite a 13 percent drop in visits between 2000 and 2007.

I read that as the problem gamblers are still in the casino and feeding their addiction, but due to the house advantage they are dropping more money per visit. That is going to cause personal financial problems for these people and their families.
 
2008-07-20 02:48:09 PM  
aerojockey: a casino in Illinois serves mostly locals

This is why I'm ambivalent about state run gambling. It seems to me it's basically an entertainment tax system. If so, I'm not sure casino culture is something I necessarily want to support.

I'd rather tax folks directly and have lots of free concerts, ballet in the park, public art, etc.

smells_like_meat: My take is that these folks are bored silly

Back in my day, that'd be remedied by a Donkey Kong machine. Sure, I plugged a good amount in, but didn't expect any return on it.
 
2008-07-20 02:52:07 PM  
Casinos are the most depressing places on earth.
 
2008-07-20 02:53:09 PM  
smells_like_meat: But I've seen the number of penny slots explode. Lots of real old people playing them. My take is that these folks are bored silly and the casino is providing them with something interesting to do. Can't expect the house to do that for free. they seem to be having a good time and most seem to know the cocktail waitress and change girl real well. Kinda like a club.

True. My mom went to the casino yesterday. She plays low slots. There are penny slots, half-penny slots, and a new addition: 1/4 penny slots. People who play those aren't looking to make bank, they're in it for the day out.
 
2008-07-20 02:54:12 PM  
Poker is the only game without a house edge. Poker is the only game I play in a casino.
 
2008-07-20 02:56:44 PM  
3rdLostPassword: 'd rather tax folks directly and have lots of free concerts, ballet in the park, public art, etc.

Yeah, that be awesome. Don't give people a choice on what THEY find entertaining.
 
2008-07-20 02:58:32 PM  
Lt. Cheese Weasel: Casinos are the most depressing places on earth.

You should get out more.
 
2008-07-20 03:03:16 PM  
If they are like them they do this. Totally farkin clear there, subby. A few more proper nouns would do the trick.
 
2008-07-20 03:05:32 PM  
tonesskin: 3rdLostPassword: 'd rather tax folks directly and have lots of free concerts, ballet in the park, public art, etc.

Yeah, that be awesome. Don't give people a choice on what THEY find entertaining.


"Attention, attention. The manditory 2pm Aerosmith cover band concert will be held today at 2pm. All city residents 65 and older are required to attend. Roll will be taken. That is all."
 
2008-07-20 03:08:20 PM  
NYCNative: Poker is the only game without a house edge. Poker is the only game I play in a casino.

Ideally yes, but to break even you still have to cover what's raked in. I absolutely despised splitting pots big pots in 2 player hands in the casino.
 
2008-07-20 03:12:41 PM  
tonesskin: So? That is how all casinos make money. I don't see the issue. Besides, if Bush didn't ruin our economy and cause the price of oil to go up, the casino industry wouldn't be suffering like Hillary's bank account.

Bushwinned three posts in. Thanks for not disappointing me FARK.
 
2008-07-20 03:24:32 PM  
make a law that requires publishing the odds on every game and this wouldn't be a problem

but of course this won't happen because these politicians are already in the pockets of the casinos, whether by bribery or want of tax funds.
 
2008-07-20 03:24:44 PM  
Control_this: This is for lady slot machine gamblers.

What you think you look like:


What you really look like:


which one has the tight slot?
 
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